[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[HopefulCPA0601]

governmental ninja questions are killing me! i was confident with wiley and now im not so sure

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[jpowell31]

that's the second time i'm reading that 🙁 is there any particular type of question Ninja has that's different that you could share?

[jstay]

just did financial instrument lecture..last lecture i had to watch in becker..WTF

[D C]

@jstay.. its not too bad, just do mcqs, you'll get it

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[HopefulCPA0601]

@jpowell – its been a few but i'll post some as i do more tonight so we can all take a look at them

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

A state imposes a 5% tax on sales of goods by retail merchants. Legislation requires the state (provider) to remit one-sixth of the sales tax to cities and counties (recipients) on a quarterly basis. No annual appropriation is required. The cities and counties may use the resources for any governmental program.

When would the recipient recognize an asset?

A.

When the underlying transaction takes place

B.

When all eligibility requirements have been met

C.

On a cash basis

D.

When the tax is collected

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[jstay]

@hopefulcpa.. guessing b?

@D C –you were correct, sir. MCQ weren't that bad for financial instrument though i wish it went more into the actuall calculations behind everything..scored a 77%..woulda been happier if i got the last question right which was a aicpa 2012 release -___-

[D C]

@jstay.. i'm a ma'am

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[jstay]

when a company elects FV option for financial instrument that would have been otherwise accounted for as Equity (i.e. 30%)..income recognized in I/S is the Appreciation AND dividend income. just an fyi, something easy to memorize and could be that extra point that gets you a 75

[jstay]

@D C, wow i need to stop doing that, second time today, merging firms at work and i had to call all the clients of old firm and called a lady Mr..oh the joy of interning. my sincerest apologies

[tomq04]

@ hopeful

A.) when the transaction takes place is the right answer.

Why? The tax was imposed when you bought it, so it is then immediately due to the entities, despite how long it takes to be transferred.

I'm just checking in, I went and sat down with my old NFP/Governmental professor for 4 hours today and really hammered out some tricky stuff. I'm 100% certain that NFP/Gov would have given me that last point 4 months ago, but alas, i'm going to be coming out with points out my ears at this rate!!!

Things are still a bit sticky, and i'm going to hammer on NFP/Gov for the next couple days, and then go back to “total” review.

Good luck folks, and keep doings questions.

If you are frustrated think about this little anecdote. Today I was woken up at 1 am by my 1 month old, who decided to stay up for 3 hours until he was hungry again. We finally get him to sleep at 5 am, and then the 2 year old wakes up screaming at 5:30 who then wakes up the 1 month old…30 min of sleep, and i'm still pounding away?

Why?

I'm either crazy, or driven, takes more than being tired to get this bird down!

Keep slaying ass folks.

REG- (1) 76
FAR- (2) 64, (5)74, (7)83 (Over achiever!)
AUD- (3) 70, (4) 75
BEC- (6) 75

[HopefulCPA0601]

@tom wow thats insane!!! congrats on baby #2 and it looks like your studying just the right amount! thanks for the explanation btw!!

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[jpowell31]

In December, Mill began including a coupon in each package of candy it sells and offering an toy in exchange for 50 cents and 5 coupons. The toys cost Mill 80 cents each. Eventually 60% of the coupons will be redeemed. MIll sold 110,000 packages of candy and no coupons were redeemed. In its December 31 BS, what should MIll report as an estimated liability for coupons?

A) $19,800

B) $52,800

C) $10,560

D) $3,960

so i get the explanation but could they eff with your mind/time more?

[Anonymous]

oh they could

[jpowell31]

how's everyone doing with IFRS?

on another note .. i get tripped on all all the little thingggs. like direct, indirect, govt, NFP, fund(s), IFRS cashflows – it's all easy but easy to get tripped up.. sometimes i focus on the more complex understanding then when i see easy points i freeze like, come onnnnn you should reallllllly know this. brain….we're almost there, help me out.

[Author]

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